Global reinsurer Swiss Re has teamed up with next-generation insurer Hellas Direct and one of Europe’s fast-rising banking alternatives, Revolut, in a move aimed at delivering an innovative and customer-focused home-insurance experience for Cyprus-based policyholders.
In a strategic partnerships between a disruptive company and a traditional reinsurance powerhouse, the collaboration is expected to allow Swiss Re, Hellas Direct and Revolut to roll out their home insurance into new markets, while enabling traditional barriers of growth and expansion to be leapfrogged.
Backed by a roster of high profile investors, including former Goldman Sachs economist Lord O’Neill, Cyprus-based Hellas Direct is a digital-first, full-stack insurance company with a heavy focus on cutting-edge technology.
Hellas Directs’ Executive Director, Alexis Pantazis said, “We are thrilled to be partnering up with Swiss Re and Revolut in designing a better, cheaper, faster insurance experience for the Cyprus consumer. Launching a brand new, innovative offering in our homeland is of particular sentimental importance to us and is the first step in our regional expansion.”
Emilios Markou, Hellas Direct’s Co-Founder and Executive Director added, “We are excited to be launching our insurance offering in the Cyprus market. This is a bit of a homecoming for us as we have always been a Cyprus company at heart. We already employ a fantastic team of technologists, data scientists and finance specialists at our Nicosia office and a big part of our innovation is being born here.”